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Detroit, MI 48224 Real Estate Market Report

ZIP Code: 48224
Report Date: May 2026
Market Temperature: COLD
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.


Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Analysis Window
90 Days
Total Properties Analyzed
113
Active Listings
100
Sold Properties
13

Market Metrics

Median Listing Price
$88,500
Median Sold Price
$89,900
Median Price per Sqft
$76/sqft

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.


Rental Market

Median Market Rent
$1,250

Property Taxes

Property Tax Rate
1.70%

Liquidity & Velocity

Median Days on Market
246
Sale-to-List Ratio
100.0%

Market Trends & Context

Understanding Market Temperature

A Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels relative to sales.

Price YoY Trend
down
Market Temperature
cold
Rent YoY Trend
down
Interest Rate Pressure
elevated

Key Findings

  1. $89,900 median sold price is the most reliable indicator of current market value for transactions in 48224; recent sales at this level suggest sellers may need to align expectations with actual sale outcomes rather than higher asking prices, and cold market conditions support that adjustment.

  2. There is a small gap between $88,500 median listing price and $89,900 median sold price, which may indicate limited pricing friction where some listings achieve sale prices near or slightly above ask; sellers should still price competitively given the overall market temperature.

  3. 246 median days on market points to materially slower sales velocity and suggests elevated transaction friction; for sellers this implies longer holding periods and for buyers it indicates more negotiation room.

  4. $1,250 median market rent plus the signal that rent year-over-year trend is down suggests rental income expectations are softening; combined with elevated interest rate pressure, investors should be selective and stress-test cash flow assumptions before acquiring.


Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.

Recent Transactions

9316 Courville St, Detroit, MI 48224
Top Sale

Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.

- beds
1 baths
1,176 sqft
$327,500
Feb 1, 2026
$278/sqft/sqft
10536 Roxbury St, Detroit, MI 48224
Premium

Sold above market average

- beds
1 baths
1,306 sqft
$327,500
Feb 1, 2026
$251/sqft/sqft
16513 Chandler Park Dr, Detroit, MI 48224
Premium

Sold above market average

4 beds
1 baths
1,811 sqft
$220,000
Feb 1, 2026
$121/sqft/sqft
364 days on market
5534 Oldtown St, Detroit, MI 48224
Premium

Sold above market average

3 beds
1 baths
1,241 sqft
$145,000
Mar 1, 2026
$117/sqft/sqft
273 days on market
10595 Somerset Ave, Detroit, MI 48224
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

3 beds
1 baths
1,103 sqft
$90,500
Mar 1, 2026
$82/sqft/sqft
232 days on market
5903 Chatsworth St, Detroit, MI 48224
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

4 beds
1 baths
1,372 sqft
$85,424
Mar 1, 2026
$62/sqft/sqft
112 days on market
10530 Nottingham Rd, Detroit, MI 48224
Value

Sold below market average

- beds
1 baths
1,248 sqft
$57,000
Feb 1, 2026
$46/sqft/sqft
5036 Bishop St, Detroit, MI 48224
Value

Sold below market average

4 beds
1 baths
1,320 sqft
$51,981
Mar 1, 2026
$39/sqft/sqft
79 days on market

Detroit, MI 48224 Real Estate Market Report

ZIP Code: 48224
Report Date: May 2026
Market Temperature: COLD
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.


Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Analysis Window
90 Days
Total Properties Analyzed
13
Active Listings
0
Sold Properties
13

Market Metrics

Median Listing Price
$0
Median Sold Price
$63,000
Median Price per Sqft
$131/sqft

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.


Rental Market

Median Market Rent
$1,050

Property Taxes

Property Tax Rate
0.03%

Liquidity & Velocity


Market Trends & Context

Understanding Market Temperature

A Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels relative to sales.

Price YoY Trend
down
Market Temperature
cold
Rent YoY Trend
down
Interest Rate Pressure
elevated

Key Findings

  1. The neighborhood's median sold price is $63,000, presented as the primary indicator of market value and recent transaction activity based on a sample of 13 sold properties analyzed; this level should be treated as a representative recent sale rather than an asking-price signal.

  2. The price year-over-year trend is down (down), and the market temperature is cold, which together suggest slower sales velocity and pricing pressure rather than rapid appreciation.

  3. The median price per square foot is 131 and the median market rent is $1,050, with rent year-over-year trend down (down); this combination indicates softening rental and sale-side pricing that may narrow near-term investment upside.

  4. Interest rate pressure is elevated (elevated), which, when paired with the cold market temperature, suggests elevated inventory relative to sales activity and continued caution for sellers — pricing concessions may be required to maintain liquidity.


Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.

Recent Transactions

12026 Morang Dr # 40, Detroit, MI 48224
Top Sale

Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.

1 beds
1 baths
479 sqft
$500,000
Aug 1, 2025
$1,044/sqft/sqft
12026 Morang Dr # 16, Detroit, MI 48224
Premium

Sold above market average

1 beds
1 baths
530 sqft
$500,000
Aug 1, 2025
$943/sqft/sqft
12026 Morang Dr # 21, Detroit, MI 48224
Premium

Sold above market average

1 beds
1 baths
480 sqft
$500,000
Aug 1, 2025
$1,042/sqft/sqft
12026 Morang Dr # 1, Detroit, MI 48224
Premium

Sold above market average

1 beds
1 baths
481 sqft
$500,000
Aug 1, 2025
$1,040/sqft/sqft
12026 Morang Dr # 39, Detroit, MI 48224
Premium

Sold above market average

1 beds
1 baths
481 sqft
$500,000
Aug 1, 2025
$1,040/sqft/sqft
12026 Morang Dr # 20, Detroit, MI 48224
Premium

Sold above market average

1 beds
1 baths
479 sqft
$500,000
Aug 1, 2025
$1,044/sqft/sqft
12026 Morang Dr # 8, Detroit, MI 48224
Premium

Sold above market average

1 beds
1 baths
482 sqft
$500,000
Aug 1, 2025
$1,037/sqft/sqft
12026 Morang Dr # 18, Detroit, MI 48224
Premium

Sold above market average

1 beds
1 baths
481 sqft
$500,000
Aug 1, 2025
$1,040/sqft/sqft

Investment Analysis

Compare rental income potential against ownership costs and benchmark against market averages.

Rent vs Cost to Own

Monthly rental income vs estimated ownership cost

$642/mo
48224 Avg Rent
48224 Cost to Own
Rent$1,250
Own$608

20% down, 6.5% rate, 1.7% tax

Short-Term Rental

Avg nightly rate and occupancy for this ZIP

48224 Avg nightly rate
48224 Avg occupancy (days/year)
Nightly rate$183/night
Occupancy114 of 365 days

Data Sources

Real estate market data & public records, and GemHaus® proprietary models.

Report generated: 5/1/2026

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